Model 3

Pressure-resistant

Pressure-sensitive

INV_LAG

0.047^***

0.045^***

(0.01)

(0.01)

Sent

0.011^*

0.00900

(0.01)

(0.01)

INS01

0

(0.00)

INS01*SENT

0.00100

(0.00)

INS02

0.003^**

(0.00)

INS02*SENT

0.008^***

(0.00)

Size

0.024^***

0.024^***

(0.00)

(0.00)

LEV

−0.00100

−0.00200

(0.01)

(0.01)

CFO

0.155^***

0.159^***

(0.04)

(0.03)

CASH

0.0140

0.0130

(0.02)

(0.02)

GROWTH

0

0

(0.00)

(0.00)

DGROWTH

−0.030^***

−0.030^***

(0.01)

(0.01)

MFREE

0.151^***

0.152^***

(0.01)

(0.01)

ROE

−0.016^***

−0.016^***

(0.00)

(0.00)

FIRSTHOLD

−0.001^**

−0.001^**

(0.00)

(0.00)